Let Con↾x denote the finite consistency statement “there are no proofs of contradiction in T with ≤x symbols.” For a large class of natural theories T, Pudlák has shown that the lengths of the shortest proofs of Con↾n in the theory T itself are bounded by a polynomial in n. At the same time he conjectures that T does not have polynomial proofs of the finite consistency statements Con)↾n. In contrast, we show that Peano arithmetic has polynomial proofs of Con)↾n, (...) where Con∗ is the slow consistency statement for Peano arithmetic, introduced by S.-D. Friedman, Rathjen, and Weiermann. We also obtain a new proof of the result that the usual consistency statement Con is equivalent to ε0 iterations of slow consistency. Our argument is proof-theoretic, whereas previous investigations of slow consistency relied on nonstandard models of arithmetic. (shrink)